FHA insured reverse mortgages are federally-insured private loans. A reverse mortgage is a home loan available to seniors that allows the homeowner to change their equity into readily available cash. FHA insured reverse mortgages offer a safe plan for greater financial security. Within the United Sates, reverse mortgages are becoming more popular. Many older Americans use reverse mortgages to supplement social security, meet unexpected medical expenses, make home improvements, and more. Even if you didn’t buy your current house with FHA mortgage insurance, your new reverse mortgage can still be FHA insured.
In order to be eligible for a FHA insured senior reverse mortgage, you need to be a homeowner, 62 years or older, own your home outright, have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan, and actually live in the home. You must also receive consumer information from a Housing Counseling Clearinghouse approved housing counseling agency before obtaining the loan.
There are also additional requirements as well. Your home must be a single family dwelling or a two to four unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are all eligible. Condominiums must be FHA-approved. If they are not approved, then do not be discouraged. Simply ask your lender about the Spot Loan program. Do not sign any papers until you are certain that your project meets FHA requirements.
Norman Williams was born in Austin, Texas and grew up in Fort Worth. He received his Bachelors Degree in Psychology / Business Administration from the University of North Texas in 1972. He empowers senior citizens with the knowledge to prepare their estates to avoid unnecessary costs associated with probate and long-term care, such as nursing home, home healthcare, and assisted care living. Norman is a Registered Financial Consultant, Paralegal in the fields of Estate Planning, Licensed Group Legal Reserve Life Insurance, Licensed Notary, Licensed Real Estate Broker, Licensed Mortgage Broker, Certified Senior Adviser, Certified Annuity Adviser, and Registered Financial Consultant. If you are interested in a reverse mortgage in Texas, then please contact him at (817) 686-4900.